For some economists, it is hard to refute the validity of the war-induced theory of business cycles because for World War I, World War II, and the Korean War, the war- induced expansion came

a. when the economy was in the upswing or peak phase of an already existing cycle
b. when the economy was in the upswing or trough phase of an already existing cycle
c. when the economy was in the downswing or trough phase of an already existing cycle
d. when the war was already over, causing a downswing in an already existing cycle
e. in the aftermath of each war


C

Economics

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Economics